Bitwise reported that publicly traded crypto companies gained 23% in the first half of 2026, while crypto assets fell 36%, creating a 59-percentage-point gap.

Equities could be pricing in a recovery that sits above where the tokens currently trade, or they could also be capturing revenue crypto adoption generates for companies through fees, yield, and services that exist whether tokens rise, fall, or sit still.

Across recent crypto cycles, crypto equities and major tokens have generally moved in the same direction. When Bitcoin and other large-cap assets rallied, exchanges earned more, miners expanded, venture funding returned, and much of the industry benefited.

Whether that link still holds is one of the points Bitwise’s report raised.